August 3, 2020

CNBC: How Trump could force a payroll tax holiday without waiting for Congress

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The poorest 20% of people — those with income below $24,200 — would see their taxes fall by an average of $250, according to the Institute on Taxation and Economic Policy.

The president could skew the benefit away from the highest income earners, Moore and Kerpen said.

“Mr. Trump could cap it at, say, $75,000 of income, so the vast majority of the benefit would go straight into the wallets of middle- and lower-income workers, almost all of whom pay more payroll than income tax,” they wrote. Read more